diff --git a/reframe/__init__.py b/reframe/__init__.py
index 12bc2aa7e..03e8efde2 100644
--- a/reframe/__init__.py
+++ b/reframe/__init__.py
@@ -6,7 +6,7 @@
 import os
 import sys
 
-VERSION = '4.7.0'
+VERSION = '4.8.0-dev.0'
 INSTALL_PREFIX = os.path.normpath(
     os.path.abspath(os.path.join(os.path.dirname(__file__), '..'))
 )